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CNX Coal Resources LP Prices Initial Public Offering

01.07.2015  |  PR Newswire

PITTSBURGH, June 30, 2015 /PRNewswire/ -- CNX Coal Resources LP, a Delaware limited partnership ("CNX Coal Resources") formed by Consol Energy Inc. (NYSE: CNX) ("CONSOL"), announced today that it has priced its initial public offering of 5,000,000 common units representing limited partner interests at a price to the public of $15.00 per common unit.  The common units are scheduled to begin trading on the New York Stock Exchange on July 1, 2015 under the ticker symbol "CNXC."  The underwriters of the offering have a 30-day option to purchase up to an additional 750,000 common units to cover over-allotments, if any.

Separately, certain funds managed by Greenlight Capital, Inc. and its affiliates ("Greenlight Capital") have entered into a common unit purchase agreement with CNX Coal Resources pursuant to which Greenlight Capital has agreed to purchase, and CNX Coal Resources has agreed to sell, 5,000,000 common units at a price per unit equal to $15.00 in a concurrent private placement transaction. The closing of the concurrent private placement is conditioned upon the closing of the initial public offering on or before July 9, 2015, as well as certain customary closing conditions and will be completed concurrently with the closing of the initial public offering.

At the conclusion of the initial public offering, the public will own a 21.1% limited partner interest in CNX Coal Resources (or a 24.3% limited partner interest if the underwriters exercise in full their option to purchase additional common units).  After the completion of initial public offering and the closing of the concurrent private placement of units to Greenlight Capital, CONSOL will own a 55.8% limited partner interest in CNX Coal Resources (or a 52.6% limited partner interest if the underwriters exercise in full their option to purchase additional common units).  In addition, CONSOL will own, through its ownership of CNX Coal Resources GP LLC, the general partner of CNX Coal Resources, a 2% general partner interest and the incentive distribution rights in CNX Coal Resources.

BofA Merrill Lynch, Wells Fargo Securities, Citigroup, Jefferies, Scotia Howard Weil, Credit Suisse, J.P. Morgan, Evercore ISI, BB&T Capital Markets, Goldman, Sachs & Co., The Huntington Investment Company, Stifel and Nomura are acting as book-running managers of the offering.  Clarksons Platou Securities, Cowen and Company and Tuohy Brothers are acting as co-managers of the offering.  The offering of common units is being made only by means of a written prospectus.  Once it becomes available, potential investors can obtain a written prospectus that meets the requirements of Section 10 of the Securities Act of 1933 from:

BofA Merrill Lynch

222 Broadway

New York, NY 10038

Attn: Prospectus Department

email: dg.prospectus_requests@baml.com

Wells Fargo Securities

c/o Equity Syndicate Department

375 Park Avenue

New York, NY 10152

cmclientsupport@wellsfargo.com

Toll-Free: 1-800-326-5897

Citigroup

c/o Broadridge Financial Solutions

1155 Long Island Avenue

Edgewood, NY 11717

prospectus@citi.com

Toll-Free: 1-800-831-9146

 

Jefferies

Attention: Prospectus Department

520 Madison Avenue, 2nd Floor

New York, NY 10022

Telephone: 1-877-547-6340

E-mail: Prospectus_Department@Jefferies.com

 

Scotia Howard Weil

Attention:  Equity Capital Markets
250 Vesey Street, 24th Floor
New York, New York 10281
Telephone:  (212) 225-6854

Email:  us.ecm.syndicate@scotiabank.com

 

Credit Suisse

Attn: Prospectus Department

One Madison Avenue

New York, NY 10010

Telephone: (800) 221-1037

Email: newyork.prospectus@credit-suisse.com

 

J.P. Morgan Securities LLC

c/o Broadridge Financial Solutions

1155 Long Island Avenue

Edgewood, New York, 11717

Telephone: (866) 803-9204

 

Evercore ISI

Attn: Equity Capital Markets,

55 East 52nd Street, 36th Floor, New York, NY 10055,

Telephone: (212) 653-9054

Email: ecm@evercore.com

 

BB&T Capital Markets

Attn: Prospectus Dept

901 East Byrd St, 3rd fl

Richmond, VA  23219

804-780-3283

Email: prospectusrequests@bbandtcm.com

 

Goldman, Sachs & Co.

Attn: Prospectus Department

200 West Street

New York, NY 10282

Telephone: (866) 471-2526

Email: prospectus-ny@ny.email.gs.com

 

The Huntington Investment Company

200 Public Square

Cleveland, OH. 44114

Telephone: (216) 515-6328

Email: barry.fredrickson@huntington.com

 

Stifel, Nicolaus & Company, Incorporated

1 South Street, 15th Floor

Baltimore, Maryland 21202

Telephone: 855-300-7136

Email: syndprospectus@stifel.com

Nomura Securities International, Inc.

Equity Syndicate Department 5Th Floor

Worldwide Plaza

309 West 49th Street

New York, New York 10019-7316

 

Clarksons Platou Securities

410 Park Avenue| Suite 710

New York, NY 10022

(212) 314-0900

prospectus@clarksons.com

 

Cowen and Company, LLC
c/o Broadridge Financial Solutions, Prospectus Department
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: 631-274-2806

Fax: 631-254-7140

 

Tuohy Brothers Investment Research
575 Madison Avenue - 10th Floor
New York, NY 10022
212.605.0450

 



A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission ("SEC").  This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.  

When available, to obtain a copy of the prospectus free of charge, visit the SEC's website, www.sec.gov, and search under the registrant's name, "CNX Coal Resources LP."

About CNX Coal Resources

CNX Coal Resources is a growth-oriented master limited partnership recently formed by CONSOL to manage and further develop all of CONSOL's active thermal coal operations in Pennsylvania.  Its initial assets include a 20% undivided interest in, and operational control over, CONSOL's Pennsylvania mining complex, which consists of three underground mines and related infrastructure.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws.  Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words "believe," "expect," "anticipate," "intend," "estimate" and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements.  Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, and there can be no assurance that actual outcomes and results will not differ materially from those expected by our management.  These forward-looking statements involve certain risks and uncertainties, including, among others, that our business plans may change as circumstances warrant, our common units may not begin trading on the New York Stock Exchange as expected and the offering may not close as expected.  For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the "Risk Factors" section of the prospectus included in the registration statement on Form S-1, in the form last filed with the SEC.  We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cnx-coal-resources-lp-prices-initial-public-offering-300107230.html

SOURCE Consol Energy Inc.



Contact
Investor: Mitesh Thakkar, Director - Finance & Investor Relations, (724) 485-3133, miteshthakkar@consolenergy.com; Media: Brian Aiello, Director of Communications, (724) 485-3078, brianaiello@consolenergy.com
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